I've had the archive file for Oracle's JDK for some time and have been running java applications through ~/Downloads/jdk1.7.0/bin/java -jar <jarfile> for some time, but I'm wondering if there's an actual way to "install" the JDK without running through the fiasco with apt-get that I ran into with a previous installation. Also, can I point IcedTea's Applet launcher to the Oracle VM vs the OpenJDK one?

With this package you don't have to worry about constantly checking for updates. The maintainer takes good care to keep it current for you. It also adds all the update-alternatives links for you, so it's a lot less work than the above comment on your question.

Welcome to Ask Ubuntu! Whilst this may theoretically answer the question, it would be preferable to include the essential parts of the answer here, and provide the link for reference.
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BraiamAug 25 '13 at 3:59